SEKAP fine suspended

| March 7, 2018

The First Instance Administrative Court of Komotini, Greece, has suspended a €44 million (US$54.2 million) fine imposed on SEKAP SA for alleged customs violations dating from 2008, prior to its acquisition by the Russian-Greek investor Ivan Savvidis, according to a Greek Reporter story relayed by the TMA.

The court accepted the company’s request and suspended the execution of the notice of the Xanthi customs office for the payment of a fine of €38 million (US$46.8 million), which had increased to €44 million with the accumulated penalties for being in arrears since 2009.

Employees of the tobacco company supported the suspension application filed by Savvidis’ lawyer Alexandros Lykourezos, arguing that the company would be forced to go bankrupt if the fine were not overturned.


Category: Breaking News, Corporate, Financial, People, Tax

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